Dow ends more than 300 points lower, sunk by talk of higher capital gains tax rate for wealthy investors

Stocks ended lower Thursday, falling in afternoon action after Bloomberg News reportedthat President Joe Biden would propose a near doubling of the capital gains rate for investors making more than $1 million a year. The Dow Jones Industrial Average DJIA, -0.94% fell around 322 points, or 0.9%, to close near 33,815, while the S&P 500 SPX, -0.92% declined around 38 points, or 0.9%, to finish near 4,135. The Nasdaq Composite COMP, -0.94% shed around 132 points, or 0.9%, to close near 13,818.